A nation's annual growth rate of real GDP per person is 2 percent. Its standard of living will
A) double in 35 years.
B) not change because its population is growing.
C) fall because of its population growth.
D) double in 10 years.
E) double in 50 years.
A
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Which one of the following is a key to economic development?
A) an educated population B) the removal of property rights C) the preservation of established means of production D) a high level of protection against imported products
One reason markets may fail to provide the optimal quantity of public goods is the problem of
A) determining what the public wants. B) nontariff barriers. C) nondiscrimination. D) free riders. E) economic integration.
Price elasticity of demand is the responsiveness of
A) the quantity demanded to a change in price. B) demand to a change in supply. C) demand to a change in income. D) demand for a good to a change in the demand for another good.
If the demand curve for a firm is downward-sloping, its marginal revenue curve
A) will lie below the demand curve. B) will lie above the demand curve. C) is the same as the demand curve. D) is horizontal.